Re:In Cramped and Costly Bay Area, Cries to Build, Baby, Build
by crdoconnor on Saturday April 16, 2016 @01:09PM
(#11511335)
>Could you please explain why the foreign investment is a problem? Every time I've heard this discussed, it's mostly been people saying "The CHINESE are buying up houses" with a racist glint in their eyes.
It's pretty much any major world city oligarchs have decided to throw their ill gotten gains at. In London it's Russians and Arabs with oil wealth. In Vancouver and SF it's Chinese.
These oligarch investments physically occupy a massive amount of premium space, pushing the poorer residents further and further out of the city.
In a lot of cases these people are pretty much criminals. It's rare to earn a lot of money in Russia, China or the Middle East honestly. Hence the desire for a foreign bolthole and an investment the host country can't touch.
Re:In Cramped and Costly Bay Area, Cries to Build, Baby, Build
by hodwik2 on Saturday April 16, 2016 @01:23PM
(#11511411)
In London they currently have 230 buildings 20 stories or more being developed, or planned for development. It looks like the investment capital is doing wonders there.
It's pretty much any major world city oligarchs have decided to throw their ill gotten gains at. In London it's Russians and Arabs with oil wealth. In Vancouver and SF it's Chinese.
These oligarch investments physically occupy a massive amount of premium space, pushing the poorer residents further and further out of the city.
In a lot of cases these people are pretty much criminals. It's rare to earn a lot of money in Russia, China or the Middle East honestly. Hence the desire for a foreign bolthole and an investment the host country can't touch.
But sure. Racist glint or whatever.